Anbbit BTC Analysis | What Will It Be After BTC Has Peaked in the Short Term?
Last week, BTC rose tremendously from around 32,000 USDT to 41,900 USDT in just 4 days. By Saturday, the market finally began to show the short correction. It began to consolidate in a narrow range at the top, then fell below the consolidation range finally until Sunday afternoon. After that, the market had slumped to around 33,000USDT just one day. It is well-known that the higher the rise, the worse the fall in the market.
There are three reasons for this wave of decline.
1. Reasons on TA: The entire weekly chart of BTC is a W-bottom pattern, and the neckline is about 14,000 USDT. If the W-bottom reversal pattern is established, the target position will be at least 3 times of the neckline, which is around 42,000 USDT, and the target price of this wave of a rising market. There is indeed a risk of a technical correction in the market above 40,000 USDT.
Reasons for Policy: After BTC broke through 30,000 USDT, Grayscale Inc. continued to sell BTC. Although the amount was relatively small, it also showed that after 40,000 USDT, the selling pressure began to gradually increase. In addition, by the end of the year, the pressure of capital realization has gradually increased, so this is also one of the reasons for the decline in the market.
3. The U.S. dollar began to strengthen the trend gradually, and gold plummeted by $100 last Friday: In the recent forex market, risky currencies began to gradually weaken, and the U.S. dollar began to gradually strengthen the trend. Although the general trend, the U.S. dollar is still in a short trend, the U.S. reflux is also a normal phenomenon. Once the US dollar strengthens, BTC will also experience some pressure.
The current main trend is still upward, and the chart is still above the 233 MA, indicating that the long-term trend has not completely ended. Today, it fell to 32,500 USDT, which is just 38.2% of the Fibonacci retracement and also below the support position of 233 MA.
The market outlook is also relatively simple for trading. The key pressure level is about 37,000 USDT, the key support is around 30,000 USDT, and the long order can be opened around 34,000 USDT, with a stop loss of 33,000 USDT and a stop profit of 38,000 USDT.
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